Few years back, our current Prime Minister Narendra Modi promised the nation to curb corruption, weed out the black money and expose black money holders. For this, he introduced the demonetization overnight leaving people at misery. However, he urged the people to cooperate to see the nation changing for positive. Citizens were also hopeful that 'Ache Din' are near. However, time passed and nothing changed except that the it was the middle class section who ultimately suffered due to cash crunch.
According to the Reserve Bank of India’s annual report for 2017-18, 99.3 per cent of the demonetized Rs 500 and Rs 1000 notes have been returned to the central bank.
According to the reports, "Post-demonetisation, RBI spent Rs 7,965 crore in 2016-17 on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year."
The sudden ban on currency led to hampering the growth of economy. Moreover, it failed to fulfill the purpose.
Former Finance Minister P. Chidambaram tweeted, "Every rupee of the Rs 15.42 lakh crore (barring a small sum of Ra 13,000 crore) has come back to the RBI. Remember who had said that Rs 3 lakh crore will not come back and that will be a gain for the government!?"
In a series of tweets, he further wrote, "I suspect that the bulk of the Rs 13,000 crore is currency in Nepal and Bhutan and some that was lost or destroyed."
"So, government and RBI actually demonetised only Rs 13,000 crore and the country paid a huge price."
"Over 100 lives were lost. 15 crore daily wage earners lost their livelihood for several weeks. Thousands of SME units were shut down. Lakhs of jobs were destroyed."
"Indian economy lost 1.5 per cent of GDP in terms of growth. That alone was a loss of Rs 2.25 lakh crore a year."
People are still baffled with the thought that what change has been brought. And where is the black money?
What are your thoughts about it?